Christmas can be the most expensive time of the year, and with companies spending approximately £5.6 Billion on marketing in the pre-Christmas period last year according to the Advertising Association, it's important to plan your Christmas to avoid getting swept up in it all.
GoCompare estimate that the average cost of Christmas for British households at £753 based on 2016's figures.
Prevent overspending by following the guidelines below:
1. Set Your Budget Allocation:
How much will you realistically have to spend during the holiday season and what will your responsibilities be? Will you be hosting dinner, planning a Christmas holiday or attending any family outings?
Don't forget about miscellaneous costs such as taxi fares, meals out etc.
2. Be Realistic with Gift Giving:
Make a list of those you wish to give to and determine a cost for each in order for you to clearly see what you plan to spend.
3. Write a List for your Christmas Food Shop:
Don't improvise when you get to the shop, think about exactly what you need to buy beforehand. This will help to reduce impulse purchases.
4. Recycle Outfits and Make Your Own Decorations:
Consider wearing an old outfit with new accessories rather than buying an entirely new one.
Buying some of your decorations at the local charity shop will save money and support a good cause.
5. Start January on the Right Footing:
January sales can be tempting, however make sure you make a list of items you actually need beforehand to reduce the chance you will be swept up in the sales madness.
Once you have passed the holiday season with flying colours, the next step is to plan out your year in order to set financial goals for yourself. Contact Westminster Wealth Management in order to convert your newfound financial responsibility in to a long term financial plan that could benefit you and your family well in to the future.
The value of investments and income from them may go down as well as up and you may not get back the original amount invested.
Information is based on our current understanding of taxation legislation and regulations which is subject to change.
Five tips to nail your Christmas spending game plan